Image courtesy of Miyoko’s Creamery/Instagram
PowerPlant Partners has raised $330 million (around £282.4M) with its latest fund.
The California-based investment management firm’s mission is to financially support “next generation companies” which are environmentally-minded and sustainable, as well as better for human health.
This aim has led the firm to invest in several of the global food industry’s biggest names in sustainability, including previous support for Beyond Meat, Eat Just and Apeel Sciences.
The PowerPlant Ventures III Fund (PPV Fund III) has already made four investments in health and sustainable consumer food brands. These are plant-based dairy company Miyoko’s Creamery, canned water business Liquid Death, non-alcoholic beer company Partake Brewing and SYSTM Foods.
It will continue to invest in consumer-facing food brands, with a focus on growth stage companies. The firm has confirmed it will invest between $15M and $40M (£12.8M and £34.2M) in companies moving forward, mostly as active, minority investors.
Alongside capital, PowerPlant Partners also supports selected companies within its portfolio with business advice and management.
“We are thrilled to receive such strong support and commitment from our limited partners, especially during a period of increased market volatility,” said Dan Gluck, Co-Managing Partner of PowerPlant Partners.
“This new fund will allow us to deepen and grow our efforts to find, fund and scale breakthrough companies that are building a healthier, more sustainable future.”
Mark Rampolla, Co-Founder and fellow Co-Managing Partner, said the new funding would help PowerPlant to also expand its team of experts, partners and advisors.
“This will enable us to continue to bring an unparalleled level of insight and support to companies and apply our experience to a wider range of businesses that put human and planetary life at the centre of business,” he added.
Investment and venture capital firms focused solely on sustainable businesses and systems are becoming ever more popular in the food industry.
Over the summer, footballer Chris Smalling announced the launch of his environmentally-focused VC firm ForGood. And earlier this year, Better Bite Ventures launched a $15M fund aimed at supporting Asia’s alt-protein start-ups.